We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

The Euro is stalling after attempting to rise against the Japanese Yen as expected following the appearance of a bullish Morning Star candlestick pattern. Near-term resistance is in the 134.77-135.02 area, marked by the October 14 low and the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 137.64. Alternatively, a turn below the 14.6% Fib expansion at 138.48 clears the way for a challenge of the 23.6% threshold at 130.71.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.

FX Publications Inc (dba DailyFX) is registered with the Commodities Futures Trading Commission as a Guaranteed Introducing Broker and is a member of the National Futures Association (ID# 0517400). Registered Address: 32 Old Slip, Suite 803; New York, NY 10005. FX Publications Inc is a subsidiary of IG US Holdings, Inc (a company registered in Delaware under number 4456365)